On Monday, local time, the social media company’s head of fintech Stephane Kasriel tweeted, “We are currently phasing down our digital collections (NFT) to focus on other ways to support creators, individuals and businesses.”

“We will continue to invest in the fintech tools that people and businesses will need in the future. We are simplifying the payment process with Meta Pay, making checkout and payments easier, and investing in messaging payment capabilities on Meta,”

Last year, the company launched a service for digital collectables to support creators sharing NFT content on Instagram and Facebook, as the speculative crypto asset was popular at the time, even as sales generated by everything from cartoon gorillas to video clips reached billions of dollars at one point.

But as cryptocurrencies began to take a beating, coupled with an avalanche of bitcoin and other tokens in late 2022 after the large exchange FTX suddenly declared bankruptcy. In this scenario, NFT content is no longer favoured by speculators.

NFT, or non-homogenized tokens is a way to crowdfund support for project parties and a unit of data on what is known as a blockchain digital ledger, where each token can represent a unique digital profile that serves as an electronic certification or certificate of ownership of a virtual good. Due to their non-fungible nature, non-homogenized tokens can represent digital assets such as paintings, artwork, sounds, videos, items in games, or other forms of creative work. While the works themselves are infinitely reproducible, these tokens representing them can be fully tracked on their underlying blockchain and therefore provide proof of ownership for buyers. (Cryptocurrencies such as Ethereum and bitcoin have their own token standards to define the use of NFT)

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An NFT is a blockchain-based asset that represents digital items, such as pictures, videos, or items in online games. They have exploded in popularity in 2021 as cryptocurrency-rich speculators rush to cash in on rising prices, but sales have slumped in recent months.

According to DappRadar, NFT sales in the third quarter of 2022 were US$3.4 billion (about 24.14 billion yuan), down from US$8.4 billion (about 59.64 billion yuan) in the previous quarter and 125 million at the peak of the market in the first quarter of this year. billion US dollars (about 88.75 billion yuan).

The sales of OpenSea, the largest NFT marketplace, fell for the fifth consecutive month in September.

The number of weekly NFT buyers has more than halved from its late-January peak, according to market tracker NonFungible.com.

While the traditional art market has been quick to embrace the craze, sales figures have dried up, with Christie’s, Sotheby’s, Phillips and Bonhams selling a combined £8.4 million (approximately 100 million pounds) of NFTs so far this year, according to Art Market Research. RMB 67.284 million), down from 127 million pounds (about RMB 1.017 billion) in the same period last year.

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About eight months ago, LG Electronics said in a press release that it plans to integrate NFT functionality into its Smart TVs. Currently, the platform is only available in the U.S. for those LG TVs running webOS 5.0 or higher and can be accessed directly from the home screen.

LG Electronics has partnered with the Hedera network to launch an app that allows users to purchase NFT through Wallypto, a crypto wallet for LG smartphones.

“We’ve been developing Wallypto built on Hedera since September 2021,” said Chris Jo, senior vice president and head of platform business at LG Electronics Home Entertainment, “and the beta version of this wallet was launched in August of this year. “

LG Electronics’ partnership with Hedera began in 2020, when LG Electronics joined the Hedera councils of Google, IBM, Deutsche Telekom and the Indian Institute of Technology.

“While many people have heard of NFT and want to participate in the growing ecosystem, it can be too complex to get started,” Jo said, “LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFT without having to work with code or directly with the blockchain interaction.”

The NFT platform offers a Drops feature that provides artist profiles and displays previews of their new work. Its real-time Live drop feature provides notifications that can help users access dropped NFTs, ensuring they don’t miss any opportunities.

Jo also says that Hedera allows users less than $0.0001 per transaction (no high fees or hidden costs), which means there are no hidden costs associated with the NFT platform.

“The Hedera network consumes much less energy than any other public ledger, which makes it ideal for sustainable initiatives, meaning it can meet the ESG (environmental, social and corporate governance) of modern businesses and investors,” Jo explained, adding that users can buy, sell and display on the Hedera network NFT without worrying about the high energy consumption associated with other public networks. He added that Hedera guarantees cheap and predictable fees for users, unlike many other decentralized networks.

South Korean information technology and entertainment companies are entering the NFT industry. In January, LG’s rival Samsung unveiled new plans for the smart TV-based NFT market. Samsung said it would add NFT capabilities to Samsung TVs such as MICRO LED and Neo QLED.

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“In particular, ‘play for money’ is a model I’m wary of. It creates a working class among players and allows other players to spend money. To be fair, in the gaming industry, this has been around for years. Gold farmers have existed, spending their time doing menial tasks in games to accumulate some currency that they can then sell to other players with money for real money so they don’t have to spend it,” he said. “But now you’ll find games starting to integrate it into the economy of the game itself.”

My World, the current Microsoft IP, has taken a radically decisive line on the game’s money-making mechanics and NFT, which Spencer doubled down on, saying he doesn’t want My World to be involved in anything “exploitative. That said, Spencer didn’t mean to dismiss NFT entirely.

“I think when these technologies come along, sometimes it’s like a hammer looking for a nail. But the actual human use and player use of these technologies, I think there could be some interesting things there.”

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In addition, the number of active wallets in the NFT market last week fell from a high of 119,000 in November last year to about 14,000, a drop of 88%. Rising interest rates have crushed risky bets across financial markets, with NFTs among the most speculative investment categories, the report said.

In order to prevent NFT-related financial risks, the China Internet Finance Association, China Banking Association, and China Securities Association issued an initiative on April 13, saying that centralized transactions, continuous listing transactions, and standardized contract transactions will not be provided for NFT transactions. and other services, and illegally set up trading venues in disguised form.

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